GST: Freedom from multiple taxes - Dr Sanjiv Agarwal - Article published in Business Advisor, dated August 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Dear Friends,
As we all know that GST has been introduced w.e.f 01/07/2017 and this could be a landmark move. For reference of all, I have attached a brief introduction for your reference.
Goods & Service Tax (GST) or the constitution (one hundred one amendment) bill. The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market.
From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated to be around 25%-30%. Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a boosting impact on economic growth. Last but not the least, this tax, because of its transparent and self-policing character, would be easier to administer.
This is a very important concept, so try to share it with as many people as you can.
Dear Friends,
As we all know that GST has been introduced w.e.f 01/07/2017 and this could be a landmark move. For reference of all, I have attached a brief introduction for your reference.
Goods & Service Tax (GST) or the constitution (one hundred one amendment) bill. The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market.
From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated to be around 25%-30%. Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a boosting impact on economic growth. Last but not the least, this tax, because of its transparent and self-policing character, would be easier to administer.
This is a very important concept, so try to share it with as many people as you can.
The Goods & Service Tax regime is most likely to become a reality from April 2017. The Government of India has been taking a number of steps at unbelievable speed to implement the new regime. Following the Model Law, the Draft Rules for registration, payment, invoice, returns and refunds were released. The Government has also released an FAQ on GST.
A Glance to GST Calculation in India | GST KeeperGSTKeeper
This presentation takes you to the overview of GST calculation in India. Know the federal nature of India, and the process of GST calculation in India.
This project is undertaken to fulfill information needs of the user at two levels i.e. Macro Level and Micro Level
On a macro level, it aims to provide a single document which can provide information about the impact of GST on various sectors like logistics, eCommerce, pharma, telecommunication, textile, real estate, agriculture, automobiles, small medium enterprises and startups.
Further, on a micro level, it aims to provide information to a businessperson information about GST from a business perspective so that one is able to (a) Comply with the law and (b) collect and pay to the government the correct amount of taxes on time and (c) Does not miss out on any credits that are available.
3rd August 2016 became a historic day for economic reforms when Rajya Sabha passed the constitutional amendment bill to GST and paved the way for major taxation reforms. Almost all the political parties have broadly agreed.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION.
STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED .
The Goods & Service Tax regime is most likely to become a reality from April 2017. The Government of India has been taking a number of steps at unbelievable speed to implement the new regime. Following the Model Law, the Draft Rules for registration, payment, invoice, returns and refunds were released. The Government has also released an FAQ on GST.
A Glance to GST Calculation in India | GST KeeperGSTKeeper
This presentation takes you to the overview of GST calculation in India. Know the federal nature of India, and the process of GST calculation in India.
This project is undertaken to fulfill information needs of the user at two levels i.e. Macro Level and Micro Level
On a macro level, it aims to provide a single document which can provide information about the impact of GST on various sectors like logistics, eCommerce, pharma, telecommunication, textile, real estate, agriculture, automobiles, small medium enterprises and startups.
Further, on a micro level, it aims to provide information to a businessperson information about GST from a business perspective so that one is able to (a) Comply with the law and (b) collect and pay to the government the correct amount of taxes on time and (c) Does not miss out on any credits that are available.
3rd August 2016 became a historic day for economic reforms when Rajya Sabha passed the constitutional amendment bill to GST and paved the way for major taxation reforms. Almost all the political parties have broadly agreed.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION.
STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED .
After implementations of GST In India from 01 Jul 2017,many questions are coming to the mind of people which may or may not be right.Min of Fin Govt of India has put this information of all.
GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
Embark on an insightful journey into the world of Goods and Services Tax (GST) with a special focus on the tech giant, Google. This presentation aims to demystify the complexities of GST, shedding light on its principles, implications, and the transformative impact it has on businesses worldwide.
The journey begins with an overview of GST, unraveling its fundamental concepts and its role in streamlining the taxation system. We explore how GST simplifies the tax structure, promotes transparency, and eliminates cascading effects, providing a comprehensive understanding of its benefits for businesses and consumers alike.
Zooming in on Google, we analyze how this global tech powerhouse navigates the intricacies of GST. From compliance to strategic financial planning, we delve into Google's approach to GST, offering real-world insights into how one of the most influential companies in the digital landscape manages its tax responsibilities.
Visual aids and infographics will illustrate the key components of GST, making the information accessible and engaging. Case studies and examples related to Google's experiences with GST will provide a practical dimension to the theoretical framework, offering a unique perspective on the challenges and opportunities presented by GST in the digital realm.
Top 20 GST Interview Questions and Answers in 2023 | Academy Tax4wealthAcademy Tax4wealth
Top 20 GST Interview Questions and Answers in 2023. Goods and Service Tax (GST) is a broad, multi-stage, tax applied at every stage where value is added. GST is the only indirect domestic tax for the entire country. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/gst-interview-questions-and-answers
Top 20 GST Interview Questions and Answers in 2023 | Academy Tax4wealthAcademy Tax4wealth
Top 20 GST Interview Questions and Answers in 2023. Goods and Service Tax (GST) is a broad, multi-stage, tax applied at every stage where value is added. GST is the only indirect domestic tax for the entire country. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/gst-interview-questions-and-answers
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
As Per My opinion This Is very Useful .
Most of the information Has Been Has Covered in this.
If Some thing left then You can send in comment box Also.
I Will see it and reply you.
Thanks For Your Support
The good of all is what is good for oneselfD Murali ☆
May Day post by S. Prabhu in his blog prtraveller
Link: https://prtraveller.blogspot.com/2020/05/d-murali-journalist.html
Ref:
1) A whistleblowing story in SlideShare https://www.slideshare.net/MuraliD1/a-whistleblowing-story-part-1
2) Whistleblowing story - Sequence of mails https://www.slideshare.net/MuraliD1/whistleblowing-story-sequence-of-mails
3) Audiobiography in Soundcloud https://soundcloud.com/muralid/audiobiography-d-murali
4) Be agitated about gender prejudice https://soundcloud.com/muralid/sound-clip-27-be-agitated
5) Demand for apology https://soundcloud.com/muralid/apo
6) Why are you agitated https://soundcloud.com/muralid/why
7) Mylapore Times article by S. Prabhu https://www.slideshare.net/MuraliD1/online-content-useful-for-sanskrit-students
8) This article in SlideShare https://www.slideshare.net/MuraliD1/the-good-of-all-is-what-is-good-for-oneself
9) Mylapore Times article link http://www.mylaporetimes.com/2020/04/senior-journo-posts-online-content-useful-for-sanskrit-students-young-and-old/
10) Tweet in CopyTasterDM handle https://twitter.com/CopyTasterDM/status/1256489049264537601
11) LinkedIn post https://www.linkedin.com/posts/muralide_d-murali-journalist-activity-6661878686062645248-9Zp0/
12) Facebook post https://www.facebook.com/dMurali/posts/10214668257814386
Business Journos Chennai WhatsApp Group infoD Murali ☆
188 participants as on April 29, 2020
Group created on August 19, 2014
Group description:
"Focus: Biz news & events in Chennai. Biz=What's typically in a biz newspaper. Ground rules: NO wishes, jokes, videos, audio, unverified fwds. Cite sources, share yr tweets. Vision: Aim for thoroughness.
A few tips: Be agile, alert, diverse, inclusive, engaging, truthful, empathetic, independent, curious, & human. Steer clear of cash/ vouchers! Ask questions. Seek clarity. Demand accountability. Demystify jargon. Wander to where spotlights don't shine.
-- DM"
Accompanying Twitter handle: @CopyTasterDM - for picking stories to share with the 'Business Journos Chennai' group
(Received from CECRI; CSIR-Council of Scientific & Industrial Research; SERC-Structural Engineering Research Centre; CECRI-Central Electrochemical Research Institute)
CSIR-CECRI-Industrial Conclave - Water treatmentD Murali ☆
CSIR-CECRI-Industrial Conclave - Water treatment
(Received from CECRI; CSIR-Council of Scientific & Industrial Research; SERC-Structural Engineering Research Centre; CECRI-Central Electrochemical Research Institute)
Blog post link: http://bit.ly/2vdIiN1
FICCI Digital Disruption & Transformation Summit DDTS, ELCOT presentation D Murali ☆
'Future of Governance - Transforming the government digitally' - Presentation by Dr Rajendra Kumar, IAS, CMD, ELCOT, in FICCI Digital Disruption & Transformation Summit DDTS
Blog post link: http://bit.ly/2viWgC0
Knight Frank India Real Estate (Jan-June 2017) ReportD Murali ☆
Knight Frank India Real Estate (Jan-June 2017) Report
Knight Frank-17H1
Kanchana Krishnan, Knight Frank on 17H1 January-June 2017 India Real Estate
(Residential, office)
Blog post link: http://bit.ly/2upCz7K
All India and Chennai ppt - India Real Estate (Jan-Jun 2017)D Murali ☆
All India and Chennai ppt - India Real Estate (Jan-Jun 2017)
Knight Frank-17H1
Kanchana Krishnan, Knight Frank on 17H1 January-June 2017 India Real Estate
(Residential, office)
Blog post link: http://bit.ly/2upCz7K
Why Government is unfair to Indian Revenue Service officers who strenuously w...D Murali ☆
Why Government is unfair to Indian Revenue Service officers who strenuously work to provide fuel for efficiently running its administration? - T. N. Pandey - Article published in Business Advisor, dated April 25, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM #BusinessAdvisorArchives
Supreme Court may kindly consider whether SIT appointed on its order needs to...D Murali ☆
Supreme Court may kindly consider whether SIT appointed on its order needs to be wound up - T. N. Pandey - Article published in Business Advisor, dated May 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM #BusinessAdvisorArchives
Basic tenets of GST - Dr Sanjiv Agarwal - Article published in Business Advisor, dated May 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM #BusinessAdvisorArchives
Possibility of set-off of business loss against cash credit/ unexplained inve...D Murali ☆
Possibility of set-off of business loss against cash credit/ unexplained investment - V. K. Subramani - Article published in Business Advisor, dated May 25, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM #BusinessAdvisorArchives
Irrationalities in giving Padma awards damage their sanctity - T. N. PandeyD Murali ☆
Irrationalities in giving Padma awards damage their sanctity - T. N. Pandey - Article published in Business Advisor, dated May 25, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM #BusinessAdvisorArchives
Karnataka HC endorses tax avoidance technique to lessen minimum alternate tax...D Murali ☆
Karnataka HC endorses tax avoidance technique to lessen minimum alternate tax (MAT) - T. N. Pandey - Article published in Business Advisor, dated June 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM #BusinessAdvisorArchives
Updates on Circulars and Notifications - V. K. SubramaniD Murali ☆
Updates on Circulars and Notifications - V. K. Subramani - Article published in Business Advisor, dated June 25, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM
role of women and girls in various terror groupssadiakorobi2
Women have three distinct types of involvement: direct involvement in terrorist acts; enabling of others to commit such acts; and facilitating the disengagement of others from violent or extremist groups.
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
हम आग्रह करते हैं कि जो भी सत्ता में आए, वह संविधान का पालन करे, उसकी रक्षा करे और उसे बनाए रखे।" प्रस्ताव में कुल तीन प्रमुख हस्तक्षेप और उनके तंत्र भी प्रस्तुत किए गए। पहला हस्तक्षेप स्वतंत्र मीडिया को प्रोत्साहित करके, वास्तविकता पर आधारित काउंटर नैरेटिव का निर्माण करके और सत्तारूढ़ सरकार द्वारा नियोजित मनोवैज्ञानिक हेरफेर की रणनीति का मुकाबला करके लोगों द्वारा निर्धारित कथा को बनाए रखना और उस पर कार्यकरना था।
01062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
31052024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
03062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
In a May 9, 2024 paper, Juri Opitz from the University of Zurich, along with Shira Wein and Nathan Schneider form Georgetown University, discussed the importance of linguistic expertise in natural language processing (NLP) in an era dominated by large language models (LLMs).
The authors explained that while machine translation (MT) previously relied heavily on linguists, the landscape has shifted. “Linguistics is no longer front and center in the way we build NLP systems,” they said. With the emergence of LLMs, which can generate fluent text without the need for specialized modules to handle grammar or semantic coherence, the need for linguistic expertise in NLP is being questioned.
2024 is the point of certainty. Forecast of UIF experts
GST: Freedom from multiple taxes - Dr Sanjiv Agarwal
1. Volume XVI Part 3 August 10, 2016 13 Business Advisor
GST: Freedom from multiple taxes
Dr Sanjiv Agarwal
There cannot be a better way to celebrate India‘s
independence. The dream to have GST in India may
soon be a reality now. The month of August once again
became historic after August of 1947 when India
attained independence from British raj. August 2016
created a historic achievement once again as India
marches ahead on the road to fiscal freedom on tax
front as the 122nd Constitutional Amendment has been
approved by both the houses of Indian Parliament, i.e.
on 3rd August 2016 by Rajya Sabha (upper house) and on 8th August, 2016
by Lok Sabha (lower house). What a gift to Indian citizens and businessmen
in the 70th year of Independence!
Goods and Services Tax (GST) is the biggest ever tax reform of Independent
India whereby multiplicity of taxes are subsumed in one tax called GST,
though we will have three versions of GST (CGST, SGST and IGST). The GST
will subsume taxes like Central Excise Duty (1944), Central Sales Tax
(1956), Service Tax (1994) and a host of state levied taxes including Value
Added Tax (VAT). GST aims at subsuming many multiple taxes presently
levied by Central and State Governments with the objective to follow one
nation – one market - one tax policy and scrap the cascading effect of taxes
on cost, i.e. payment of tax on taxes. GST would, therefore, bring in
economies of scale, operational efficiency, lower cost of production and
benefits accruing to consumers. GST is expected to change the way
businesses are done, provide a host of opportunities to professionals, reduce
corruption, and consumers will eventually benefit.
Constitutional amendment
The Constitution (122nd Amendment) Bill, 2014 as amended has now been
passed by both the houses of Parliament in August, 2016 - on 3rd August by
Rajya Sabha and on 8th August by Lok Sabha (and that too unanimously in
both houses). The major amendments made in the original Constitutional
Amendment Bill during passage thereof include the following:
a) The amounts apportioned to/ collected by/ used for payment by States
shall not from part of consolidated fund of India;
b) Taxes collected by Union shall be distributed between Union and States;
2. Volume XVI Part 3 August 10, 2016 14 Business Advisor
c) The additional tax proposed for manufacturing states shall not be levied;
d) GST Council to establish a mechanism for adjudicating any dispute
arising out of Council‘s recommendations –
(i) Government of India and State(s);
(ii) Government of India and State(s) on one side and one or more States
on other side;
(iii) Two or more States.
e) Parliament shall, by law on the recommendations of Council, compensate
to States for loss of revenue on account of introduction of GST.
Goods and Services Tax (GST)
GST is one indirect tax for the whole nation, which will make India one
unified common market. GST is a single tax on the supply of goods and
services, right from the manufacturer to the consumer. Credits of input
taxes paid at each stage will be available in the subsequent stage of value
addition, which makes GST essentially a tax only on value addition at each
stage. The final consumer will thus bear only the GST charged by the last
dealer in the supply chain, with set-off benefits at all the previous stages.
Taxes being subsumed
At the Central level, the following taxes are being subsumed:
a) Central Excise Duty,
b) Additional Excise Duty,
c) Service Tax,
d) Additional Customs Duty commonly known as Countervailing Duty, and
e) Special Additional Duty of Customs.
At the State level, the following taxes are being subsumed:
a) Subsuming of State Value Added Tax/Sales Tax,
b) Entertainment Tax (other than the tax levied by the local bodies), Central
Sales Tax (levied by the Centre and collected by the States),
c) Octroi and Entry tax,
d) Purchase Tax,
3. Volume XVI Part 3 August 10, 2016 15 Business Advisor
e) Luxury tax, and
f) Taxes on lottery, betting and gambling.
Benefits of GST
The benefits of GST accruing to various stake holders can be summarised
as under:
For business and industry
Easy compliance: A robust and comprehensive IT system would be the
foundation of the GST regime in India. Therefore, all taxpayer services,
such as registrations, returns, payments, etc., would be available to the
taxpayers online, which would make compliance easy and transparent.
Uniformity of tax rates and structures: GST will ensure that indirect tax
rates and structures are common across the country, thereby increasing
certainty and ease of doing business. In other words, GST would make
doing business in the country tax neutral, irrespective of the choice of
place of doing business.
Removal of cascading: A system of seamless tax-credits throughout the
value-chain, and across boundaries of States, would ensure that there is
minimal cascading of taxes. This would reduce hidden costs of doing
business.
Improved competitiveness: Reduction in transaction costs of doing
business would eventually lead to an improved competitiveness for the
trade and industry.
Gain to manufacturers and exporters: The subsuming of major Central
and State taxes in GST, complete and comprehensive set-off of input
goods and services and phasing out of Central Sales Tax (CST) would
reduce the cost of locally manufactured goods and services. This will
increase the competitiveness of Indian goods and services in the
international market and give boost to Indian exports. The uniformity in
tax rates and procedures across the country will also go a long way in
reducing the compliance cost.
For Central and State Governments
Simple and easy to administer: Multiple indirect taxes at the Central and
State levels are being replaced by GST. Backed with a robust end-to-end
4. Volume XVI Part 3 August 10, 2016 16 Business Advisor
IT system, GST would be simpler and easier to administer than all other
indirect taxes of the Centre and State levied so far.
Better controls on leakage: GST will result in better tax compliance due to
a robust IT infrastructure. Due to the seamless transfer of input tax
credit from one stage to another in the chain of value addition, there is an
in-built mechanism in the design of GST that would incentivise tax
compliance by traders.
Higher revenue efficiency: GST is expected to decrease the cost of
collection of tax revenues of the Government, and will therefore, lead to
higher revenue efficiency.
For the consumers
Single and transparent tax proportionate to the value of goods and
services: Due to multiple indirect taxes being levied by the Centre and
State, with incomplete or no input tax credits available at progressive
stages of value addition, the cost of most goods and services in the
country today are laden with many hidden taxes. Under GST, there would
be only one tax from the manufacturer to the consumer, leading to
transparency of taxes paid to the final consumer.
Relief in overall tax burden: Because of efficiency gains and prevention of
leakages, there will be relief in overall tax burden.
GST administration
For GST administration, keeping in mind the federal structure of India,
there will be two components of GST – Central GST (CGST) and State GST
(SGST). Both Centre and States will simultaneously levy GST across the
value chain. Tax will be levied on every supply of goods and services. Centre
would levy and collect Central Goods and Services Tax (CGST), and States
would levy and collect the State Goods and Services Tax (SGST) on all
transactions within a State. The input tax credit of CGST would be available
for discharging the CGST liability on the output at each stage. Similarly, the
credit of SGST paid on inputs would be allowed for paying the SGST on
output. No cross utilisation of credit would be permitted.
Are you prepared for GST?
Preparedness for GST in the next few months will involve tax planning
review, transactions review, training manpower, cost effectiveness in
inventory, logistics & final goods, business planning with anticipation of
5. Volume XVI Part 3 August 10, 2016 17 Business Advisor
new tax structure with competition, fastest implementation & transition to
GST, procurement and purchase orders implementation, invoicing patterns,
proper implementation of GST transition in input stage credit, tax
management versus business operations, various miscellaneous provisions,
etc.
One has to take all steps to ensure that no dispute arises during transition
and thereafter. If precautions and safeguards are not taken, well in time,
during the pre and post implementation period of GST regime, then the
possibility of litigation, due to ignorance and/ or non-
implementation, cannot be ruled out.
Summing-up
GST is expected to play a key role in bringing about more transparency into
the tax system. Instead of fiscal concessions, concessions to select
industries on grounds such as environmental protection etc. could be
provided in a transparent manner through cash refunds or otherwise. While
unified rate may be there, states may be allowed to charge rates most
suitable to them such as on alcohol, petroleum products, etc.
A very strong infrastructure network would be required to administer GST
which would include facility for online payment of tax and e-filing of
returns. GST as a new levy could be a very effective tool and breakthrough
in indirect tax reforms, provided it is made simple and assessee-friendly –
not like the present tax system.
The nation is on the cusp of executing one of the most ambitious and
remarkable tax reforms in its independent history. Implementing a new tax,
encompassing both goods and services, to be implemented by the Centre, 29
States and 2 Union Territories, in a large and complex federal system, via a
constitutional amendment requiring broad political consensus, affecting
potentially 2-2.5 million tax entities, and marshalling the latest technology
to use and improve tax implementation capability, is perhaps
unprecedented in modern global tax history.
The time is ripe to collectively seize this historic opportunity.
It is felt that GST may seem to be a reality in 2017. The key lies in broad
consensus on simple tax law and commitment of States to a comprehensive
tax law which may be a watershed tax reform of the century which our
generation will witness. GST should be a win-win proposition for all --
Government, trade, industry and consumers.
(Dr Sanjiv Agarwal is Partner, Agarwal Sanjiv & Company, Jaipur.)